FxWirePro: South Korean Won Falls Against US Dollar in Early Asia, Good to Buy on Dips
- USD/KRW is currently trading around 1185 levels.
- It made intraday high at 1187.30 and low at 1184.30 levels.
- Intraday bias remains bullish for the moment.
- Pair is moving in a rigid range from 1170 to 1190 marks. A break of either side will provide further direction to the parity.
- A daily close above 1193 is required to drag the parity higher towards key resistances at 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
- Alternatively, a sustained close below 1177 will test key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
- Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustain close above 1193 is also required to confirm the same. On the similar note, RSI signals upward trend for the moment.
We prefer to take long position in USD/KRW around 1184, stop loss 1172 and target 1193/1209 marks.